Yemen holds firm on hunting militants



SANA'A // Yemen will pursue al Qa'eda militants until they surrender, the government said yesterday, in response to the group's threats to retaliate against deadly attacks carried out by the country's security forces this month. The government claims it has killed dozens of al Qa'eda operatives in ground and air operations in the past two weeks and thwarted planned terrorist attacks as it seeks to avoid becoming a "safe haven" for the organisation.

"There is no leniency with terrorism and in the crackdown on terrorists, arresting them and bringing them to justice," an unidentified security official said on the defence ministry's website. "Men are watching them and anybody thinking of messing with the security and stability of the country - many more operations are awaiting terrorists and their strongholds." Al Qa'eda in the Arabian Peninsula, which involves militants from Yemen and Saudi Arabia after they merged in January this year, said it would take revenge over the raids against the group in different parts of the country. In a statement dated December 20 but which only appeared on Islamist websites on Sunday, the group said the raids were carried out by five US warplanes and killed about 50 men, women and children.

"We will not let Muslim women and children's blood be spilled without taking revenge," the statement said, adding that coordination of the attacks involved the United States, Saudi Arabia, Yemen and Egypt. The security official ridiculed the al Qa'eda threats and said: "Yemen is a land of peace and safety and will never be a resort for those terrorist killers - they will be hunted down until Yemen is cleansed of their evils."

Yemen, which is facing an insurgency from al Houthi rebels in the north and a growing secessionist movement in the south, said on December 17 it had launched military raids against al Qa'eda training camps in the Abyan village of al Maajala, 480km south-east of Sana'a, and in Arhab district, 60km to the north-east of the capital. Government officials said as many as 34 suspected militants, including four would-be suicide bombers hiding in Arhab, were killed and that 29 others were arrested. Local sources said the raid in Abyan killed more than 60 civilians, mainly women and children, which sparked angry protests in the south.

The al Qa'eda statement was dated before renewed attacks on Thursday, in which the government said its forces killed more than 30 suspected militants in a dawn raid in a remote mountainous region of Shabwa province, about 650km east of Sana'a. However, local sources said the strike killed only five. According to government officials, the strikes thwarted terrorist plots against targets including the British Embassy, foreign schools and military leaders.

In addition to Abyan and Shabwa, al Qa'eda is present in the central tribal province of Mareb and is believed to have strengthened its base there by recruiting tribesmen. Mohammed Saif Haidar, a Yemeni researcher who follows al Qa'eda issues, said the pre-emptive strikes demonstrate a radical change in anti-terrorism policy in Yemen. "These strikes are a signal of a drastic change in the policy of the war on terrorism in Yemen. These strikes show that the Yemeni and US governments have reorganised their priorities in their fight on al Qa'eda," Mr Haidar said.

@Email:malqadhi@thenational.ae

Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

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Company%C2%A0profile
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Scorebox

Dubai Hurricanes 31 Dubai Sports City Eagles 22

Hurricanes

Tries: Finck, Powell, Jordan, Roderick, Heathcote

Cons: Tredray 2, Powell

Eagles

Tries: O’Driscoll 2, Ives

Cons: Carey 2

Pens: Carey

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

UAE currency: the story behind the money in your pockets
ESSENTIALS

The flights 
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
 

The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The%20specs
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Defending champions

World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million